FAAC: FG, States, LG Share N679.7bn for May

The Federal Account Allocation Committee (FAAC), on Thursday, at its joint session at the African House, Kano, Kano State shared to the Federal Government, States and Local Government Councils a total of N679.699 billion as federal allocation for the month of May 2019.

The breakdown of the distribution to the three tiers of Government (inclusive of Cost of Collection to NCS, DPR and FIRS) showed that the Federal Government received N284.163 billion, representing 52.68 per cent, the States received N187.605 billion representing 26.72 per cent and Local Government Councils got N140.997 billion, representing 20.60 per cent.

The Oil Producing States received N40.436 billion as 13 per cent derivation revenue.

However,cost of collection/transfers/FIRS refund stood at N26.498 billion.

A communique issued by the Technical Committee of the FAAC indicated that the Gross Revenue available from the Value Added Tax (VAT) for the month of May 2019 was N106.826 billion when compared to the N96.485 billion distributed in the previous month of April, resulting in an increase of N10.341 billion.

It further disclosed that the distributed Statutory Gross Revenue of N571.731 billion received for the month was higher than the N518.916 billion received in the previous month by N52.815 billion.

According to the communique, revenues from Oil Royalty and Companies Income Tax (CIT) recorded significant increases while Petroleum Profit Tax (PPT) decreased significantly.

Meanwhile, Import Duty and Value Added Tax (VAT) also recorded marginal increases.

However, the total revenue distributable for the current month, including VAT and Exchange Gain of N1.142 billion, was N679.699 billion.

Furthermore, the committee disclosed that as at June 27, 2019, the Excess Crude Account (ECA) had a balance of $63.005m.

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